There is general agreement in government and academia that the majority of Americans will require Long-Term Care (LTC) in some form during their retirement years.  That means LTC Planning is necessary because no one knows what type, how long, or the extent to which one may need care.  Even with a HALO Assessment, it's essential to help your clients understand what they should expect to pay for care and empower them to make the appropriate decisions for themselves and their loved ones.  

For more than two decades, LTCG (Long Term Care Group, Inc.) has partnered with the leading insurers in the LTC space to improve operational performance, and a primary focus is to compile "What Care Costs' annually.  LTCG surveys thousands of Home Health Care providers and Skilled Nursing Home and/or Assisted Living Facility providers to collect the cost of care data.  The cost of care averages are calculated from over 30,000 different providers at the national, state, and MSA (metropolitan statistical area) levels.  Based on the 2024 LTCG data, here are some of the various costs according to their survey:

Home Health Aide:
National Average Hourly Rate: $33
Most Expensive:  New Hampshire @ $40 per hour

Least Expensive:  Mississippi @ $25 per hour

Home Health Care (RN):
National Average Rate: $141 per visit

Most Expensive:  Vermont @ $221 per visit

Least Expensive:  Maryland @ $106 per visit

Assisted Living Facility:

1 Bedroom - National Average Monthly Rate: $5,511

Most Expensive:  New Jersey @ $8,919 per month

Least Expensive:  Arkansas @ $3,888 per month

Skilled Nursing Care / Semi-Private Room:

National Average Daily Rate: $278

Most Expensive:  Connecticut @ $499 per day

Least Expensive:  Texas @ $190 per day

Skilled Nursing Care / Private Room:

National Average Daily Rate: $319

Most Expensive:  New Jersey @ $567 per day

Least Expensive:  Louisiana @ $224 per day

Don’t let your clients guess at these numbers!  Use tools like the HALO Assessment and turn this data into a personalized plan that aligns with care preferences, financial capacity, and risk mitigation in one streamlined report, and builds the LTC component they actually need.

Here are additional sources of information on the Cost of Care:

Nationwide:  Healthcare Costs In Retirement

Lincoln Financial:  "What Care Costs"

Enter Sponsor Code = "LTC" 

A better understanding of the cost of care will make it easier to encourage clients to address their Long-Term Care Planning needs.

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